Transocean sets private exchange for 0.5% bonds due 2023

By Taylor Fox

New York, Feb. 22 – Transocean Ltd. executed private exchange agreements relating to the 0.5% exchangeable bonds due 2023 issued by wholly owned subsidiary Transocean Inc., according to a news release.

Transocean agreed to exchange $252.8 million of its existing exchangeable bonds for $230.1 million of new 4% senior guaranteed exchangeable bonds due 2025 to be issued by Transocean Inc. and $8.9 million of cash.

The senior guaranteed exchangeable bonds will be guaranteed by Transocean and certain indirect holding company subsidiaries of Transocean Inc., including Transocean Holdings 1 Ltd., Transocean Holdings 2 Ltd., Transocean Holdings 3 Ltd., Transocean Asset Holdings 1 Ltd., Transocean Asset Holdings 2 Ltd. and Transocean Asset Holdings 3 Ltd., each of which also guarantee Transocean Inc.'s 2.5% senior exchangeable bonds due 2027 and 11.5% senior guaranteed notes due 2027.

The exchangeable bonds will have an initial exchange rate of 190.4762 Transocean common shares per $1,000 original principal amount and will be convertible into common shares, implying an initial exchange price of $5.25 per share.

Transocean is an offshore oil and drilling contractor based in Steinhausen, Switzerland.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.